It’s easy to let your 401(k) goals fall by the wayside, but that can come back to bite you later.
Retirement might seem far off when you’re in your late 30s or early 40s, but it has a way of creeping up on you. If you haven’t started saving yet, it might be time to step on the gas if you can squeeze a bit more out of your budget. And if you’re already building your nest egg, checking your balances can help you see if you’re still on track.
Either way, comparing what you’ve saved to what others have socked away can give you some perspective. Let’s see how you stack up.
Average 401(k) balance for those aged 35 to 44
According to Vanguard’s “How America Saves 2024” report, the average 401(k) balance for those aged 35 to 44 was $91,281 at the end of 2023. But averages can be skewed by a small number of savers who contribute more.
In reality, most people aren’t socking away that much. A better measure is the median balance, which comes in at $35,537. That means lots of people have less than $40,000 set aside for retirement.
Are you urious how your 401(k) balance stacks up against other groups? Here’s a closer look.
| Age | Average 401(k) Balance | Median 401(k) Balance |
|---|---|---|
| Under 25 years old |
$7,351 |
$2,816 |
| 25 to 34 |
$37,557 |
$14,933 |
| 35 to 44 |
$91,281 |
$35,537 |
| 45 to 54 |
$168,646 |
$60,763 |
| 55 to 65 |
$244,750 |
$87,571 |
| 65 and older |
$272,588 |
$88,488 |
| All age groups |
$134,128 |
$35,286 |
Data source: Vanguard.
If your 401(k) balance is closer to the median, don’t hit the panic button just yet. You’ve still got time to turn things around.
Start by getting your finances in order and make sure you’re snagging that full employer match. Next, take a moment to think about your retirement goals and what they might cost. That way, you can zero in on your personal target retirement number and make sure you’re on the right track.